US and Australia Mulls Collaboration on Crypto Laws

Australian Senator Andrew Bragg hasmet and U.S. Senator Cynthia Lummis will discuss potential collaboration on cryptocurrency regulation between the two countries.

Senator Bragg is a crypto-friendly politician from the ruling Liberal Party (a conservative center right party) that has been one of the driving forces behind a proposed forward-thinking regulatory scheme in Australia.

Last year, Bragg fronted the Senate Committee on Australia as a Technology and Financial Center (ATFC) which tabled 12 extensive regulatory proposals relating to taxation, decentralized autonomous organizations (DAOs) and company licensing.

Bragg spoke with Lummis — who is a known crypto proponent and Bitcoin (BTC) hodler — via a video call this week, and told Cointelegraph that the discussion focused mainly on the “opportunities for regulatory equivalents.”

Bragg emphasized the importance of aligning on as many issues as possible with the U.S. given the historical partnership between the two nations.

He also suggested that both governments are looking to set global standards for crypto regulation.

“[If] two large, sophisticated financial economies like the United States and Australia come together that could help drive standards in other parts of the world,” he said.

One area that may differ is the two nations’ approach to launching a central bank digital currency (CBDC), with Bragg noting that the U.S. seems more receptive to the idea.

Australia’s Reserve Bank has stated there’s no compelling need for one due in part to the nation’s instant digital payments network and Bragg stressed that he was “very cautious” about it at this stage.

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